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The Virtues of Virtual Reality in Business

The idea of virtual reality used to conjure up images of gamers wearing goggles. Now, virtual reality has erupted into the mainstream thanks to its variety of practical applications — and not just for video game fans.

A recent analysis of corporate earnings reports showed a 375% increase in the use of virtual reality as part of their marketing scheme. It’s not just tech companies getting in on the fun either. The New York Times, Wayfair, and even the NBA are all planning to integrate this technology into their business plan.

Let’s take a closer look at how different industries can use virtual reality to increase their ROI.

 

Sports

In North America alone, the sports industry is reportedly worth over $60 billion. Stadiums fill up with local sports fans and those able to travel to the game. However, for every one person who is able to physically attend the game, there are thousands of others watching from another location, wishing they could get a taste of the atmosphere. Virtual reality offers the opportunity to do just that.

Imagine how amazing it would be for a Golden State Warriors fan who lives in Louisiana to experience the game via virtual reality. Being able to hear the noise of the crowd and see the players and shots up close and personal would be an indescribable feeling – and one which fans would be willing to pay a lot of money for.

 

Music

Musicians are another type of entertainer that inspire super fans who are willing to do anything to get closer to their favorite artist. Unfortunately for the fans, not all artists tour regularly, and when they do, it tends to be in the country’s largest cities. What about those living in rural areas or overseas?

Getting into a live studio recording session or attending a concert through virtual reality technology would be almost as good as being there. If fans are willing to pay $100 for concert tickets and $50 for concert DVDs, how much more would they pay for the chance to “be there”?

 

Travel

The travel industry enjoys some of the best writers of our time. Top authors and guidebook writers can paint a picture with their words, evoking the most minute details of a place. But what if someone could “stand” outside of the Trevi Fountain in Rome, hearing the water cascading into the pool below, see the tourists standing around, soaking in the Italian atmosphere? This technology could be used by travel agents, government agencies promoting their country as a travel destination, and even hotel chains who want to offer potential customers the experience of staying in their hotel before they even arrive.

 

Fashion

All of the major fashion retailers understand the importance of having an online presence. That’s why many have amped up their websites, offering multiple snaps of each piece and even videos of models showing off their clothing. However, that doesn’t help the reader get a feel for the material, the true color, or how it looks in real life. Virtual reality could really cause a boom for these retailers, especially for those who don’t live near one of their brick-and-mortar locations.

As more and more companies look to virtual reality to increase their bottom line and offer customers a new way to experience their goods and services, ask yourself how this technology might give you a competitive edge.

 

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